Episode 7: Adam Docking - How to Read a Section 32

 

REIV Vice President and director of MJ Docking in Vermont, Adam Docking, joins us to talk to us about the Section 32 and why it's an important document.

Section 32s are the documents you sign when you purchase a property. They are best to be read by your legal representative to ensure you’re not buying something you don’t understand. Most people read it for what it tells you about the rates, water and other supplies… but there is so much more. We have Adam Docking, the Senior Vice-President of the REIV on today to tell us what we really should be looking out for.

Intro:

Adam is the Senior Vice-President of the Real Estate Institute of Victoria and the Director of MJ Docking & Associates with over 20 years experience in the real estate industry. The Vermont-based agency was founded by his father in 1983 and provides services in residential sales, commercial sales and property management. A member since 1994, Adam is an Associate of the Real Estate Institute, the current chair of the REIV’s auction chapter and is passionate about auctioneering.

1. What is a Section 32 and why is it an important document?
2. It’s a big document, so what should prospective purchasers look at when they go through the Section 32?
3. Usually people go through to check what costs are involved with running the property – water rates, council rates and maybe owner’s corporation frees, but what hidden costs could appear on a Section 32?
4. What re the main concerns that appear on a Section 32 that could make or break a sale?
5. What concerns should we have when it comes to the history of the land, for instance, it could be the site of an old tip or chemical factory, a flood plain or river bed, there could be provision for a freeway over the back fence, or huge trees that are affecting foundations… what section of the Section 32 should we be able to find if the land is good?
6. Should we be concern about its zoning? For both development and schools?
7. When looking at an apartment or unit, how important is it to go through the Owner’s Corporation minutes?
8. When buying a house with a pool or spa, what do we need to be concerned about?
9. What’s the strangest thing you’ve ever seen on a Section 32?

Special Listener Offer From Adam Docking from MJ Docking is offering 20% off his standard commission and advertising rates for anyone in the City of Whitehorse who is looking to list their property for sale, if they mention Real Estate Right to him. Contact Adam on 8877 7022 or docking.com.au